FXstreet.com (Barcelona) - EUR/USD continues rallying, the pair has broken through the upper boundary of the flat trending channel of the last 12 hours, at 1.3535 and at the moment of writing the pair tests 1.3590 resistance level (50% retracement of the Dec March decline).

Sucessful move above here would set the focus on 1.3754 (Jan 9 high) and above here, 1.3793 (Jan 8 high) would be the next target, once above here, 1.3850 (Dec 31 low) would be the next resistance level.

According to the E-Forex team, 1.3850 could be a key levels for a major upside move: : Key resistance formed by the median retracement of the large 1.4720-1.2455 move comes at 1.3590, followed by another important barrier at 1.3855. Breaking above the said upside objectives will confirm the medium term positive sentiment, intensifying further upside activity towards 1.4360 and 1.4720.